State Bank of Vietnam Works with TR for FX

Thomson Reuters and State Bank of Vietnam have launched a real-time trade monitoring and post-trade system for collecting and extracting information in the interbank foreign exchange market.

Thomson Reuters has had a presence in Vietnam for 21 years and claims to be the leading international financial provider to operate in the country.

In 1995 Thomson Reuters became the first organisation to introduce electronic trading of the Vietnamese Dong (VND) against the US dollar through its electronic Reuters Dealing Direct service.

The new system will be based upon Thomson Reuters Dealing FX platform that enables traders to connect with one another, hold conversations about different FX products and prices, and conduct FX transactions.

It also builds upon an existing 60 local and foreign financial institutions that are signed up to Thomson Reuters Dealing in Vietnam.

The implementation of this system marks a positive shift towards automation in managing post-trade foreign exchange information, says Pham Bao Lam, director general of the central banking department, State Bank of Vietnam.

“The ability to access accurate, real-time information will help modernise how the State Bank of Vietnam monitors foreign exchange transactions and increase transparency across the industry as well as promoting the long-term growth of interbank foreign exchange market,” he adds.